"We need fast track arbitration mechanism in the country. Foreign investors are interested on those projects that ensure them quick return on their investment without any litigation," Union Law Minister H R Bhardwaj said at the annual conference of International Council of Consultants in New Delhi.
The Indian economy is marching ahead and time has come to offer a hassle free arbitration mechanism to the global investors in order to make India an investment hub in the south-east Asia.
Investors from Europe, Japan and ASEAN are keen to invest in India, indicating the potential of the domestic economy, he said and added "we need to tap this keenness into reality by offering fast track arbitration mechanism".
Bhardwaj said professionals should act as arbitrators as they better understand the problem associated with the project executions and related aspects.
Global financial institutions including World Bank attach high priority to timely project execution avoiding cost overrun while taking decision on funding, he said. Consultants should realistically evaluate projects so that they do not get entangled in unnecessary litigation process.
International agencies now also put strict clauses on timely project execution along with quality norms, he added. "Honesty and dedication are the two basic qualities of a good arbitrator," he said.
